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A number of financial changes are set to take place from today onwards, i.e. November 1, such as Reserve Bank of India's (RBI) new rule for domestic money transfers (DMT), credit card changes, and LPG cylinder prices, NDTV has reported. 

Notably, the central bank announced a new Domestic Money Transfer (DMT) framework to ensure adherence to rules and the security of users. “There has been a significant increase in the availability of banking outlets, developments in payment systems for funds transfers, and ease in fulfilling KYC requirements etc,” the RBI remarked in a July 2024 circular. 

"Now users have multiple digital options for funds transfer. A review was recently undertaken of various services facilitated in the current framework," it added. 
 

SBI to introduce new changes 

SBI card, a subsidiary of the State Bank of India, will introduce a set of new changes under which unsecured SBI credit cards and finance charges will increase to 3.75% per month, as per the report. 

In addition, a 1% fee will be applied if the total amount of utility payments in a billing period exceeds Rs 50,000. However, this will be applicable from December 1, 2024. 

Indian Bank Special Fixed Deposit deadline 

As per the new set of rules, the Indian Bank's special fixed deposit (FD) can only be invested by November 30, 2024, which is the deadline. Moreover, the interest rates are 7.05% for the general public, 7.55% for seniors, and 7.80% for super senior citizens on Ind Super 300 Days.

The bank is also going to offer a 7.25% interest rate for the general public, 7.75% for seniors, and 8.00% for super senior citizens, specifically for 400 days. 

Indian Railways to reduce the current time limit for advance ticket booking 

The Indian Railways has announced that it would reduce the current time limit for advance train ticket booking, i.e., passengers are now able to book tickets only 60 days in advance as against 120 days previously.

Pertinent to note that this new rule will not impact passengers who have already booked their tickets in advance. 

LPG price update 

LPG cylinder prices are to be revised today, which will impact both domestic consumers and businesses. 

TRAI's new rule 

Telecom companies will also introduce message traceability as part of new regulations to keep a watch over spam and fraud. Accordingly, transactional and promotional messages will be tracked and monitored.